REGISTERED NUMBER: 00078277 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 December 2025

for

Beverley Race Company Limited(The)

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

8

Balance Sheet

9

Notes to the Financial Statements

10

DIRECTORS:

C.A. Maxsted

H A Bethell

S. L. Iggulden

Mrs B. E. Guerin

L P Kirkby

The Hon. R D Beckett

SECRETARY:

S. L. Iggulden

REGISTERED OFFICE:

The Racecourse

York Road

Beverley

East Yorkshire

HU17 8QZ

REGISTERED NUMBER:

00078277 (England and Wales)

SENIOR STATUTORY AUDITOR:

Laura Drew

AUDITORS:

HLAS Audit Limited

Suite 1, The Riverside Building

Livingstone Road

Hessle

HU13 0DZ

BANKERS:

HSBC

33 Park Row

Leeds

LS1 1LD

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of Racecourse Proprietor for Horse Racing.

REVIEW OF BUSINESS

The results for the year and financial position of the company are as shown in the annexed financial statements.

The current economic climate led to cost increases across the business. An additional day of racing was run resulting in an improvement to turnover and overall operating result.

Income from media rights remained consistent in 2025. A major programme of drainage continued in the year, together with ongoing work ensuring the racecourse remains an inviting place to visit.

FUTURE DEVELOPMENTS

The directors are mindful of the current uncertainty around the UK economy, in particular the hospitality sector.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

C.A. Maxsted

H A Bethell

S. L. Iggulden

Mrs B. E. Guerin

L P Kirkby

The Hon. R D Beckett

RISKS AND UNCERTAINTIES

Details of the principal risks and uncertainties facing the business are as follows:

Regulatory Risk

Horse racing is a regulated sport and as such the directors continually assess the impact of any new actual or proposed legislation which may impact on the sport. The review of the Gambling Act continues to be of concern to the racing industry and the full effect that future changes to the Act will have is currently uncertain. If affordability checks are introduced, it is a strong risk to betting turnover income for the Race Company going forward, although the level of impact is not known.

Economic Conditions

As the company operates in the leisure sector there could be significant impact on the turnover of the business in less stable economic conditions. The company have sought to minimise this risk by continuing to operate efficiently and providing a quality experience to race goers.

As detailed above, the sluggish growth in the UK economy is likely to create challenges for any business in the hospitality and gaming sectors.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, HLAS Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

SMALL COMPANY RULES

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

ON BEHALF OF THE BOARD:

S. L. Iggulden - Secretary

10 April 2026

Opinion

We have audited the financial statements of Beverley Race Company Limited(The) (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its surplus for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud was as follows:

- The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- We identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector in which the company operates;

- We focused on specific laws and regulations which we considered may have a direct impact material effect on the financial statements, or the operations of the company which included the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;

- We assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

- Identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to involve the completeness and timing of income recognition and the override of controls by management.

To address the risk of fraud in relation to revenue recognition, we:

- Performed detailed substantive testing to address completeness and accuracy of sales;

- Assessed the appropriateness and application of the accounting policy concerning income recognition; and

- Performed detailed cut-off testing either side of the balance sheet date.

To address the risk of fraud through management bias and override of controls, we:

- Performed analytical procedures to identify any unusual or unexpected relationships;

- Tested journal entries to identify unusual transactions;

- Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;

- Investigated the rationale behind significant or unusual transactions.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Laura Drew (Senior Statutory Auditor)

for and on behalf of HLAS Audit Limited

Suite 1, The Riverside Building

Livingstone Road

Hessle

HU13 0DZ

10 April 2026

TURNOVER

2,586,141

2,328,574

Cost of sales

(4,593,540

)

(4,437,861

)

GROSS DEFICIT

(2,007,399

)

(2,109,287

)

Administrative expenses

(640,815

)

(566,222

)

(2,648,214

)

(2,675,509

)

Other operating income

2,657,085

2,576,868

OPERATING SURPLUS/(DEFICIT)

5

8,871

(98,641

)

Interest receivable and similar income

60,680

74,273

69,551

(24,368

)

Interest payable and similar expenses

-

(87

)

SURPLUS/(DEFICIT) BEFORE TAXATION

69,551

(24,455

)

Tax on surplus/(deficit)

(44,718

)

22,243

SURPLUS/(DEFICIT) FOR THE FINANCIAL YEAR

24,833

(2,212

)

FIXED ASSETS

Intangible assets

6

-

-

Tangible assets

7

3,660,566

3,922,476

3,660,566

3,922,476

CURRENT ASSETS

Debtors

8

569,098

396,818

Cash at bank and in hand

2,701,321

2,694,336

3,270,419

3,091,154

CREDITORS

Amounts falling due within one year

9

563,172

526,471

NET CURRENT ASSETS

2,707,247

2,564,683

TOTAL ASSETS LESS CURRENT LIABILITIES

6,367,813

6,487,159

ACCRUALS AND DEFERRED INCOME

1,851,162

1,995,341

NET ASSETS

4,516,651

4,491,818

RESERVES

Other reserves

27,741

27,741

Income and expenditure account

4,488,910

4,464,077

4,516,651

4,491,818

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 10 April 2026 and were signed on its behalf by:

C.A. Maxsted - Director

S. L. Iggulden - Director

1.	STATUTORY INFORMATION

The Beverley Race Company Limited is a private company, limited by guarantee, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Monetary amounts in these financial statements are rounded to the nearest whole £1. The financial statements are presented in sterling which is also the functional currency of the company.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

Estimation uncertainty on useful lives of depreciable assets

The carrying value of depreciable assets, £3,660,567 at 31 December 2025 ( see note 7 ) requires the directors to make an estimate of the assets' useful economic lives and undertake an annual review for impairment. The estimated lives applied are detailed in the accounting policy note.

Turnover

Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably; it is probable that future economic benefits will flow to the entity and when the specific criteria relating to each of the company's sales channels have been met, as described below.

The company provides goods and services in relation to racing activities and other events to other organisations and individuals. These services are provided as a fixed price contract.

Bank interest is accounted for on an accruals basis.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Improvements to property

-

5% on cost and 20%, 10%, 4% and 2% on cost

Fixtures and fittings

-

33% on cost

Impairment of assets

At each reporting date non-financial assets, such as tangible fixed assets, are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared to the carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount and an impairment loss is recognised immediately in the profit and loss account.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate, but not in excess of the amount that would have been determined (net of depreciation and amortisation) had no impairment loss been recognised. A reversal of an impairment loss is recognised in the profit and loss account.

Financial instruments

Financial Instruments which meet the criteria of a basic financial instrument as defined in Section 11 of FRS102 are accounted for under the amortised historic cost model.

Basic Financial Instruments are recognised at amortised historical cost.

Non-basic financial instruments are recognised at fair value using a valuation technique with any gains or losses reported in surplus or deficit. At each year end, the instruments are revalued to fair value, with the movements posted to the income and expenditure.

Trade debtors and other debtors

Trade debtors and other debtors which are receivable within one year and which do not constitute a financing transaction are initially measured at the transaction price. Trade debtors are subsequently measured at amortised cost, being the transaction price less any settled and impairment losses.

Trade creditors and other creditors

Trade creditors, other creditors, group balances and accruals payable within one year that do not constitute a financing transaction are initially measured at the transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to surplus or deficit on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Deferred credits

The Horserace Betting Levy Board (HBLB) provides funding to racecourses which is used to support racing activities. Grants are earned from racing on a fixture-by-fixture basis. Racecourses may elect to waive the income in favour of a transfer to a capital credits account to be used, at HBLB's discretion, against expenditure on HBLB approved capital projects.

Grants taken as revenue grants are recognised within turnover when the race meeting to which they relate take place.

Grants waived in favour of capital credits are accounted for when drawn, using the accruals method, as a deferred credit that is released to the profit and loss account, matched against the depreciation over the expected useful economic lives of the assets to which they relate.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2024 - 32 ) .

5.	OPERATING SURPLUS/(DEFICIT)

The operating surplus (2024 - operating deficit) is stated after charging:

2025

2024

£

£

Depreciation - owned assets

304,344

330,944

Computer software amortisation

-

6,510

Charitable Donations

50

2,950

Auditor's remuneration for non-audit work

14,508

15,363

Pension contributions

33,457

31,648

Auditor's remuneration

8,000

7,500

6.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2025

and 31 December 2025

19,530

AMORTISATION

At 1 January 2025

and 31 December 2025

19,530

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

-

7.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Freehold

to

and

property

property

fittings

Totals

£

£

£

£

COST

At 1 January 2025

68,945

6,966,711

1,194,022

8,229,678

Additions

-

-

42,434

42,434

Disposals

-

-

(4,000

)

(4,000

)

At 31 December 2025

68,945

6,966,711

1,232,456

8,268,112

DEPRECIATION

At 1 January 2025

43,517

3,161,043

1,102,642

4,307,202

Charge for year

1,208

230,180

72,956

304,344

Eliminated on disposal

-

-

(4,000

)

(4,000

)

At 31 December 2025

44,725

3,391,223

1,171,598

4,607,546

NET BOOK VALUE

At 31 December 2025

24,220

3,575,488

60,858

3,660,566

At 31 December 2024

25,428

3,805,668

91,380

3,922,476

8.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

419,750

305,950

Other debtors

16,730

19,393

Tax

-

22,243

Prepayments and accrued income

132,618

49,232

569,098

396,818

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

32,098

108,566

Provision for Corporation Tax

22,475

-

Social security and other taxes

80,265

67,551

Other creditors

186

-

Accrued expenses

428,148

350,354

563,172

526,471

10.	RELATED PARTY DISCLOSURES

Included in sundries is an amount paid to the director Sally Iggulden for the sponsorship of a horse totalling £15,000 (2024: £15,000), this transaction is at arms length.

11.	SHARE CAPITAL

The company is limited by guarantee and has no called up share capital.

Each member undertakes to contribute to the assets of the company in the event of it being wound up such sum as may be required but such sum shall not exceed five pounds.